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but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the euphoria could be short-lived because of the many challenging issues that remain unresolved. the dow is slightly off, but remaining up more than 200 points. it's up now 235 at 13,339. well, despite the fiscal cliff deal, everyone's paycheck will still be at least a little bit smaller this year. ktvu's janine de la vega is in los gatos to explain about the end of the payroll tax holiday. >> reporter: good afternoon. this tax cut has expired and it will affect every wage earner. most people that we spoke to this morning had no idea that it would affect their paychecks this year. now, here's what workers need to know -- th
but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the...
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all that is basically spending and tax cuts that congress does at the end of every year anyway. that deficit number, while it is striking, it's basically what the can present to from the congressional budget office assumes congress will do every year. they just can't by law say that will happen because it's not in law. we don't do much long-term was bank. when you said that congresswoman louise slaughter is hoping to get this done before markets over, there will be a vote before markets opened. we may be getting a vote before the end of the day. baboon that's the time we expect the house will vote on this proposal. the senate-passed proposal. if the house can pass this, that means it goes to the president's desk for his signature and then we move on to the debt ceiling fight. there was some congressional trauma going down a few hours ago, this after congressional republicans looked at the steel and said, there aren't enough spending cuts in here. started tough, perhaps, think about voting on an amendment that would cut some $300 billion in government spending, when republicans s
all that is basically spending and tax cuts that congress does at the end of every year anyway. that deficit number, while it is striking, it's basically what the can present to from the congressional budget office assumes congress will do every year. they just can't by law say that will happen because it's not in law. we don't do much long-term was bank. when you said that congresswoman louise slaughter is hoping to get this done before markets over, there will be a vote before markets opened....
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Jan 3, 2013
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weeks as congress struggles to figure out how to cut spending. government agencies were funded for six months until march 27th. the sequestration of the fiscal cliff was delayed two months. the country will reach the debt ceiling. >> we face three more fiscal cliff, where, the only questions asked will be what programs do we cut and how deep do we cut them. >> reporter: congress avoided the fiscal cliff by cutting taxes and delaying decisions about difficult spending cuts, setting up the one, two, three punch >> we will get hit hardest of any congressional district in the country. >> we dilad i but haven't avoided much -- delayed but haven't avoided much. >> reporter: uncertainty ahead has business on hold. >> we will still have a hold on hiring, a hold on new investments. >> reporter: even as business knows. >> there will be people fur loued, people not -- furloughed, people not hired into new jobs. >> we are in a new economic reality. >> reporter: the president of council of government's board of directors, knows if those sequestration cuts kic
weeks as congress struggles to figure out how to cut spending. government agencies were funded for six months until march 27th. the sequestration of the fiscal cliff was delayed two months. the country will reach the debt ceiling. >> we face three more fiscal cliff, where, the only questions asked will be what programs do we cut and how deep do we cut them. >> reporter: congress avoided the fiscal cliff by cutting taxes and delaying decisions about difficult spending cuts, setting...
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to avoid the wide-ranging tax increases and spending cuts. >> congress has about 24 hours to get itself together. that is worthy deadline can happen. if they do not have a deal >> there could be some havoc in place in terms of the market going up and down. i think that they are very close. with a lot of these tax provisions up. the fiscal cliff is about taxes and spending. but the big question is that what is the spending issue. if they do have an impact it should not be an impact on the economy. >> people are really losing faith? >> these people of that nearly two years to get this done. for all of the whining... i do not really think there's much sympathy from the american people. the fact of the matter is that there is not just the fiscal cliff but also there is a pending bill that is being held up by the house of republicans. to make sure that the price of milk does not double puriwith nearly $7-for $eight! and can they still with the spending cuts? right now, we are going to hear that it is just going to kick the can and down the road. everything including the spending cuts will be
to avoid the wide-ranging tax increases and spending cuts. >> congress has about 24 hours to get itself together. that is worthy deadline can happen. if they do not have a deal >> there could be some havoc in place in terms of the market going up and down. i think that they are very close. with a lot of these tax provisions up. the fiscal cliff is about taxes and spending. but the big question is that what is the spending issue. if they do have an impact it should not be an impact...
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and yes it's congress's job to do tax and spending but it's also the president's job to step up and try and lead lead that debate and he hasn't done it and he's given the worst of all of those he said because you know president obama obviously you know as you say he just won the election he has a huge democratic backing and he has people who are really hoping that he's going to step up and as you mentioned he is not so much stepping up doing what his constituents want him to do he is trying to make a compromise isn't that leading i don't think that's leading i mean that's that's moving as far as you can to the right to try and strike a deal with a with a republican party that's completely lost its touch on reality you think progressives in this country or are just hoping that obama said to two hundred fifty thousand dollars or nothing it's going the cliff is is here i think progressives want him to fight i mean. this congress ten percent approval rating worst congressional approval rating in history they passed forty six bills on abortion one hundred thirteen bills on religion seven
and yes it's congress's job to do tax and spending but it's also the president's job to step up and try and lead lead that debate and he hasn't done it and he's given the worst of all of those he said because you know president obama obviously you know as you say he just won the election he has a huge democratic backing and he has people who are really hoping that he's going to step up and as you mentioned he is not so much stepping up doing what his constituents want him to do he is trying to...
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congress is addicted to spending money. maybe congress should join spending anonymous. >> a new year's deal for new year's day. or is it groundhog day? because like the movie "grou "groundhog day," this government in another two months will arrive at another month of debt, spending, and taxes. >> we're joined now by ryan lizza, the correspondent for the new yorker magazine. this is the actual bill that passed the senate last night. >> how many do you think read it? >> it's 150 pages or so of gobbledygook if you will, a lot of words in here. hard to understand what's going on. if the house of representatives amends this, adds a few more pages, what are the chances that tomorrow or thursday morning the senate, the current senate, will pass it? >> i have to say, it seems very low. i think the vote tonight that house republicans have is a vote to kill this bill or not. if you're voting yes on the amended bill, if that gets to the floor, then you're voting to kill the legislation and end these fiscal cliff negotiations. because
congress is addicted to spending money. maybe congress should join spending anonymous. >> a new year's deal for new year's day. or is it groundhog day? because like the movie "grou "groundhog day," this government in another two months will arrive at another month of debt, spending, and taxes. >> we're joined now by ryan lizza, the correspondent for the new yorker magazine. this is the actual bill that passed the senate last night. >> how many do you think read...
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congress pushed off deep government spending cuts for two months and the country is hitting the date ceiling. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. far worse than the impact of a fiscal cliff. >> reporter: and while things look good upon wall street today, investors say don't get used to it if congress remains so divided. live in washington, kyla campbell, ktvu channel 2 news. >> we have much more on last night's fiscal cliff vote on our channel 2 website. go to ktvu.com, click on the tab right there on the front page. >>> happening right now, some members of congress are now on the floor of the house of representatives calling for a vote on legislation to help the victims of superstorm sandy. those lawmakers are furious because the republican house leadership ended last night's session without voting on the sandy bill. new york congressman peter king calls it a cruel knife in the back. >> i have to go home this weekend and next week and the week after a
congress pushed off deep government spending cuts for two months and the country is hitting the date ceiling. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. far worse than the impact of a fiscal cliff. >> reporter: and while things look good upon wall street today, investors say don't get used to it if congress remains so divided. live in washington, kyla...
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congress approved a bill late last night that averts widespread income tax increases and deep spending cuts some say would threaten to trigger another recession if they all happened at the same time. but the bill just delays the cuts for two more months and we'll do this all over again. the congressional budget deal will add 4 trillion to the deficit. 4 trillion. despite all the back and forth on the income tax debate, at that,s will go up anyway on nearly every american worker. because the bill allows the payroll tax holiday to expire. chem cats -- democrats and republicans fought hard both sides agree it doesn't solve the country's long-term fiscal problems. >> let's send a message to the american people, again while this bill doesn't accomplish all we need to do to grow the economy, reduce the deficit and strengthen the middle class, it is a good way for us to have a happy start to a new year. by taking this first step. >> the fact is that republicans stand for smaller government and fiscal responsibility. there was nothing last night that was physically responsible. it was all main
congress approved a bill late last night that averts widespread income tax increases and deep spending cuts some say would threaten to trigger another recession if they all happened at the same time. but the bill just delays the cuts for two more months and we'll do this all over again. the congressional budget deal will add 4 trillion to the deficit. 4 trillion. despite all the back and forth on the income tax debate, at that,s will go up anyway on nearly every american worker. because the...
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after all, they point out, it is the congress that passed these spending bills that the federal government is trying to pay for. congress is essentially saying, here, do this, but we're not going to give you the money to do it. that is going to be a fascinating game. people are pretty much tired of dysfunction here in the beltway, but on it goes. at any rate -- >> let me ask you about the white house side of this. i'm assuming that, you know, looking forward to the triple play, the white house thinks they have a couple of good things going for them, and both of them are speeches. one is the state of the union, and the other one even before that is the inaugural. >> yeah, and i think the republicans look at it this way. they knew they were in a box after the election. they got defeated convince leg in the election, chris, and that is why you saw john boehner come out the day after the election and try to jump out in front of this tidal wave that was coming his way on the fiscal cliff. he said, yes, he conceded. we'll raise revenues. we'll raise $800 billion over ten years in revenue, but we
after all, they point out, it is the congress that passed these spending bills that the federal government is trying to pay for. congress is essentially saying, here, do this, but we're not going to give you the money to do it. that is going to be a fascinating game. people are pretty much tired of dysfunction here in the beltway, but on it goes. at any rate -- >> let me ask you about the white house side of this. i'm assuming that, you know, looking forward to the triple play, the white...
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that is of americans feel after congress failed to reach a deal on taxes and spending. as a result we are going of the fiscal cliff. joining me now, former adviser to president george w. bush and doug shown, democratic strategist and fox news contributor. welcome to you both. >> thank you so much. gerri: am i surprised by what is happening? no. and my interest? no. and so of start with you. how would you grade the president's lead on this issue today? >> well, i'm not trying to give anyone a good mark, the president by and certainly not congress. i hope my colleague in the spirit of the new year would recognize that the entire political establishment has let us down. we are going to get at best that deal on taxes, not going to get anything to reform entitlements or spending. in my question to you, do you think republicans in the house should vote for this deal? gerri: wait a minute. before you go to that i want to mention, we should acknowledge your that there is still a possibility the senate will vote on these ideas that we have described ad nauseam today about extend
that is of americans feel after congress failed to reach a deal on taxes and spending. as a result we are going of the fiscal cliff. joining me now, former adviser to president george w. bush and doug shown, democratic strategist and fox news contributor. welcome to you both. >> thank you so much. gerri: am i surprised by what is happening? no. and my interest? no. and so of start with you. how would you grade the president's lead on this issue today? >> well, i'm not trying to give...
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even as we get a handle on our spending. i will not have another debate with this congress over whether or not they should pay the bills that they have wrapped up through the laws they pass. we cannot pay bills we have already incurred. the consequences would be catastrophic. borrowers from a fiscal cliff we can't go down that path again. today's agreement enshrined the principle in the law that will remain in place as long as i am president. the deficit needs to be reduced in a way that is balanced. everybody pays their fair share. everyone does their part. that is how our economy works best. that is how we grow. the total of all the budget agreements, we have reached so far, proves that there is a path forward, but it is possible, if we focus on the politics -- one on what is right for the country. the one thing that i think that hopefully the new year will focus on is being if we can put a package like this together with a little bit less drama. little less brinksmanssip. not scare the heck out of folks quite as much. we
even as we get a handle on our spending. i will not have another debate with this congress over whether or not they should pay the bills that they have wrapped up through the laws they pass. we cannot pay bills we have already incurred. the consequences would be catastrophic. borrowers from a fiscal cliff we can't go down that path again. today's agreement enshrined the principle in the law that will remain in place as long as i am president. the deficit needs to be reduced in a way that is...
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. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. senate leaders continue to work on the stop gap bill, but sticking points remain. >> there's still significant difference between the two sides, but negotiations continue. >> reporter: reid said negotiation also continue through the night, with just hours left till that deadline. john and paula? >>> secretary of state hillary clinton is spending new year's eve in the hospital. during a checkup for her concussion, doctors discovered clinton developed a blood clot. now she's on medication. the medical experts we spoke with speculate that clinton may have developed the clot after days of inactivity due to the concussion. >> we wish her a speedy recovery. >>> millions of americans struggling to navigate roads that are glazed over with ice and snow. >> one crash alone, nine people passed away on an org highway and more than 20 others were injured. >> reporter: on the icy roads of the blue mountains in oregon, a tour bus crash on i-84. drives was also disastrous in the east. t
. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. senate leaders continue to work on the stop gap bill, but sticking points remain. >> there's still significant difference between the two sides, but negotiations continue. >> reporter: reid said negotiation also continue through the night, with just hours left till that deadline. john and paula? >>> secretary of state hillary clinton is spending new...
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the spending that's -- >> plenty of other money in there, though, this congress voted for, the house-led republicans went along with a lot of spending in the past two years. look, at this stage, john boehner could have had a deal a couple of weeks ago that would have included some modification on the c.p.i. for social security recipients, and the president said, as well, some adjustment against the wishes of his own party members, he was willing to talk about the raising the retirement edge, the eligibility age. >> democrats in senate said that was off the table, that was never a reality. second of all, we're in a position that we're dealing with spending cuts -- >> didn't john boehner reject a better deal from his values, according to his principles, that he ended up -- he then ended up finally leading the house to vote for last night? >> no, because last night was not a final deal. last night was a debate over how much of the tax increase obama was going to take off the table, and he took it, it's bad for the economy and unfortunate he got that. but now that's past us, what do we do no
the spending that's -- >> plenty of other money in there, though, this congress voted for, the house-led republicans went along with a lot of spending in the past two years. look, at this stage, john boehner could have had a deal a couple of weeks ago that would have included some modification on the c.p.i. for social security recipients, and the president said, as well, some adjustment against the wishes of his own party members, he was willing to talk about the raising the retirement...
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decides what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform that program without hurting seniors who count on it to survive. i believe there is further unnecessary spending in government that we can eliminate. but, we can't simply cut our way to prosperity. cutting spending has to go hand in hand with for the reforms to our tax code so that the wealthiest corporations and individuals can't take advantage of loopholes and deductions that are available to most americans. and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. we are going to have to to continue to move forward with deficit reduction, but we have to make sure that we are growing even as we get a handle
decides what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform that program without hurting seniors who count on it to survive. i believe there is further...
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, demanding immediate spending cuts at a time when the economy was still pretty shaky, and taking the unprecedented action of holding the necessary rise and the debt ceiling hostage to their own policy demands, leading to a downgrade in our dollars and the decline in the economy. so, yeah, the tea party bears responsibility. but the tea party and the republican party, sadly, have become one in the same. >> well, take us sort of micro now, that's the macro picture. take us micro into these next 29 1/2 hours and how this might play into whether or not we go off the fiscal cliff. >> yeah, listen, as you know, you've been talking to many other people up there, there's an easy way of agreeing to a small package that deals with tax cuts extending the tax cuts for most families, and an extension of expiring unemployment benefits. everyone had hoped to have something much more ambitious. but in the end, the republicans are not free to talk taxes. they've bought on to grover norquist's no new taxes. and that sort of has set the stage for a complete failure on the broader efforts to deal with t
, demanding immediate spending cuts at a time when the economy was still pretty shaky, and taking the unprecedented action of holding the necessary rise and the debt ceiling hostage to their own policy demands, leading to a downgrade in our dollars and the decline in the economy. so, yeah, the tea party bears responsibility. but the tea party and the republican party, sadly, have become one in the same. >> well, take us sort of micro now, that's the macro picture. take us micro into these...
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problems. >> with this congress, that was obviously a little too much to hope for at this time. it may be we can do it in stages. >> reporter: negotiations have been going on all day, lawmakers and aids moving back and forth between meeting rooms on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions. but republicans are furious at that possibility. >> i'm willing to support revenue to deal with this problem. the overall problem. but what i will not agree to is using revenue to replace spending reductions. >> reporter: even if the senate frawfs deal by midnight the house still has to pass the measure before the president can sign into it law. randall pinkston, cbs news, washington. >> even if it takes a few days to finish lawmakers say the cuts will be made retroactively but for federal employees they could go to work on wednesday not knowing if they will be sent home. if those automatic spending
problems. >> with this congress, that was obviously a little too much to hope for at this time. it may be we can do it in stages. >> reporter: negotiations have been going on all day, lawmakers and aids moving back and forth between meeting rooms on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be involved in those...
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keep in mind that some of the spending cuts that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. some programs that are scheduled to be cut and we're using an ax instead of a scalpel. they may not always be the smartest cuts. that is a piece of business that still has to be taking care of. i want to make clear that any agreement that we have to deal with these automatic spending cuts that are being threatened for next month, polls also have to be balanced. our principal has always been to do things in a balanced responsible way. that means revenue has to be part of the equation. the same is true for any future deficit agreement. obviously we're going to have to do more to reduce our debt and deficit. i'm willing to do more. it is going to have to be balanced. it has to be a balanced and responsible way. i'm willing to reduce our government's medicare bills by finding new ways to reduce the cost of health care in this country. that is something that we all should agree on. we want to m
keep in mind that some of the spending cuts that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. some programs that are scheduled to be cut and we're using an ax instead of a scalpel. they may not always be the smartest cuts. that is a piece of business that still has to be taking care of. i want to make clear that any agreement that we have to deal with these automatic spending cuts that are...
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for congress. you have an extension of the tax credit for three wheeled electric vehicles. i haven't seen any like that. this is another example of congress trying to pick winners in the energy sector and, unfortunately for this administration, they have this fixation on a lot of energy sources. gerri: don't forget about the algae. [laughter] i think that's going to work? the winner by? i mean, professors and some of skewer cool somewhere. >> the substance of algae has shown some promise. if you can use photosynthesis to produce it on a large scale, maybe it works. one that sticks is the cellulosic ethanol provision. here is an industry that has never produced any sizable quantities of ethanol at market prices, yet they get an extension of the tax credit. the amount of land that would be needed to make it work just boggles my mind. it doesn't work. it can't work. and yet they got an extension of the tax credits and in this bill. it is another bad example. gerri: let's talk about something that does
for congress. you have an extension of the tax credit for three wheeled electric vehicles. i haven't seen any like that. this is another example of congress trying to pick winners in the energy sector and, unfortunately for this administration, they have this fixation on a lot of energy sources. gerri: don't forget about the algae. [laughter] i think that's going to work? the winner by? i mean, professors and some of skewer cool somewhere. >> the substance of algae has shown some promise....
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the new congress. >>gregg: the profanity is escalating. just like the rest of us, aren't they? >> now we have assistant managing editor of the "wall street journal" which is our parent company-owned. the nonpartisan c.b.o. says this deal actually increases spending by $330 billion and adds almost $4 trillion to the deficit. does that suggest there is an utter lack of seriousness in solving the nation's fiscal problems? >>guest: there is a good piece on the internet on in. it does not get to the spending issue. it is surprising to see the market up today. business c.e.o.'s are saying they are as uncertain about the future as in the past. that means c.e.o.'s are likely to, still, it is on the cash they have, not invest. that is not good for economic growth. this deal fractionally affected. >>gregg: the cuts were so small they were $15 billion over 10 years. we spend $10 billion a year so that is like a guy terrificking a six-pack of beer saying i will cut down by a beer a year. >>guest: the upside is we
the new congress. >>gregg: the profanity is escalating. just like the rest of us, aren't they? >> now we have assistant managing editor of the "wall street journal" which is our parent company-owned. the nonpartisan c.b.o. says this deal actually increases spending by $330 billion and adds almost $4 trillion to the deficit. does that suggest there is an utter lack of seriousness in solving the nation's fiscal problems? >>guest: there is a good piece on the internet...
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the increase in spending. there is not a single provision that reduces spending. can we ever compromise? here is the answer i give to that. i am a fairly conservative person, the fifth the sixth most conservative in the congress. i voted to raise the debt ceiling, what i thought i would never do. i did it because it was part of the cut cap and balance. i'm willing to take difficult votes. we did not fix the problem. we prevented ourselves from going over the fiscal cliff. we dug the hole of the deficit deeper. i could see building for stuff i never thought i would vote for, but it has to fix the problem to host: john -- problem. host: john says the cliff was designed to force congress to act responsibility and it did not work. guest: he is not wrong. caller: i have a few words to say. - -- there is one thing that we actually need to do. these are my opinions. there is camouflage. what i mean by that is we need to cut spending true enough, who is making the sacrifices? we need to pay taxes, of course, because that is how the country will live and sustain itself, bu
the increase in spending. there is not a single provision that reduces spending. can we ever compromise? here is the answer i give to that. i am a fairly conservative person, the fifth the sixth most conservative in the congress. i voted to raise the debt ceiling, what i thought i would never do. i did it because it was part of the cut cap and balance. i'm willing to take difficult votes. we did not fix the problem. we prevented ourselves from going over the fiscal cliff. we dug the hole of the...
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and congress just voted it head off a series of tax hikes and spending cuts, but left in place, a 2% tax increase, that will likely affect you because it's going to hit about 77% of the country. why is that not being discussed more today? michael reagan thinks he knows. he's here live next. and at first, this woman said she didn't kill her boyfriend at all. then she said two masked inuders did t she said all right, it was me, i did it in self-defense and now she's facing the death penalty as opening statements get underway today in a brutal, brutal murder and the trial that's being called a hollywood movie in the making. kelly's court takes on the case. >> i've done many things that are shameful, but this is not one of them. yeah. mm. some laxatives like dulcolax can cause cramps. but phillips' caplets don't. they have magnesium. for effective relief of occasional constipation. thanks. [ phillips' lady ] live the regular life. phillips'. >> new numbers show the economy may be ringing in the new year with new momentum. hiring and manufacturing were both up in december, a sign that fac
and congress just voted it head off a series of tax hikes and spending cuts, but left in place, a 2% tax increase, that will likely affect you because it's going to hit about 77% of the country. why is that not being discussed more today? michael reagan thinks he knows. he's here live next. and at first, this woman said she didn't kill her boyfriend at all. then she said two masked inuders did t she said all right, it was me, i did it in self-defense and now she's facing the death penalty as...
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it forces members of congress and president obama to spend the last few days of 2012 on the job. we want to bring in cnn chief white house correspondent, jessica yelen, we all know they would rather celebrate new year's eve elsewhere. how did they get here? >> reporter: it is such a good question, you know, candy, this grid lock in washington creates the eye-rolling. but the fundamental question goes to the essential differences between the two parties about the role of government, should it be bigger or smaller? about whether we want lower taxes or more of a social safety net. so while we have seen the principles, the president, speaker boehner, and now senator mcconnell and reid trying to get involved in stages in the last few weeks, it has always broken down because they fundamentally disagree about the big ideas over the core of this debate. they're fighting between the two parties. and this could get resolved in a matter of days or weeks. but the big difference, the issues could really take months to work out. >> can it be resolved in the matter of few enough days that they
it forces members of congress and president obama to spend the last few days of 2012 on the job. we want to bring in cnn chief white house correspondent, jessica yelen, we all know they would rather celebrate new year's eve elsewhere. how did they get here? >> reporter: it is such a good question, you know, candy, this grid lock in washington creates the eye-rolling. but the fundamental question goes to the essential differences between the two parties about the role of government, should...
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Dec 30, 2012
12/12
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cliff discussions are centered around taxes and spending. we have a lot of other unfinished business in this congress. call me perhaps cynical and realistic, but i am sure will be planted into the 113th congress -- punted into the 113th congress. one of them is the farm bill. there is a threat that their prices could as much as double. you come from a part of indiana that is very diverse. what are you hearing in terms of those sorts of issues that are not necessarily in front of the headlines on newspapers or cnn or c-span about issues like that? >> this is an example of a washington has changed. they used to be certain issues, national security, transportation, agriculture that tended to not be partisan and all. you could come up with a solution that both sides could live with. this is another example of something that has historically not been a political football. there are some reasons for that. the bill used to be about 50-50 agricultural issues and 50% food stamps. now 80% of this bill is food stamps. it is not even aptly named when mc
cliff discussions are centered around taxes and spending. we have a lot of other unfinished business in this congress. call me perhaps cynical and realistic, but i am sure will be planted into the 113th congress -- punted into the 113th congress. one of them is the farm bill. there is a threat that their prices could as much as double. you come from a part of indiana that is very diverse. what are you hearing in terms of those sorts of issues that are not necessarily in front of the headlines...
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Dec 29, 2012
12/12
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congress can prevent it if they act right now. i just had a good and constructive discussion here at the white house with leadership about how to prevent the tax hike on the middle class. i am optimistic we may reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak, but if an agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up or down vote to protect the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities as long as those leaders allow it to come to a vote. if members of the house or senate want to vote no, they can, but we shall let everybody vote. that is the way this is supposed to work. if you can get a major
congress can prevent it if they act right now. i just had a good and constructive discussion here at the white house with leadership about how to prevent the tax hike on the middle class. i am optimistic we may reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak, but if an agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for...
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Jan 2, 2013
01/13
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congress proved they can spend money. they have not proven they can do any belt tightening. >> jim mctague, thank you for your insight on what we have so far on the fiscal cliff. >> thank you. >>> we want to give you an update on secretary of state hillary clinton. this is video shot a short time ago of mrs. clinton leaving new york presbyterian hospital with her husband, former president bill clinton. earlier cnn reported that mrs. clinton had been released from the hospital, but now they are reporting she's been transferred to another hospital. secretary clinton has been hospitalized since sunday after doctors found a blood clot behind her right ear during a followup exam for a concussion that she suffered. doctors have been treating it with blood thinners. >>> today is the first day that courthouses in maryland were open for business after the same sex marriage law took effect new year's day. as kristin fisher reports, six such couples officially tied the knot today at the montgomery county judicial center. ♪ going t
congress proved they can spend money. they have not proven they can do any belt tightening. >> jim mctague, thank you for your insight on what we have so far on the fiscal cliff. >> thank you. >>> we want to give you an update on secretary of state hillary clinton. this is video shot a short time ago of mrs. clinton leaving new york presbyterian hospital with her husband, former president bill clinton. earlier cnn reported that mrs. clinton had been released from the...
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Jan 2, 2013
01/13
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. >> the fiscal cliff is history pfor for now after congress approved a a not cut spending. there were some last minute eff& rtspeff byorts by house republicans to change the bill without one-third of them ended up vot& ng pvotyes.ing yes. nancy cordes is on capitol hill. good morning. repp>> orterepor: grterood : gomornod ming.orning. pwe now we nfinaow flly inalknowly k witnow h with certainty who's going to be keeping their bush-era tax cuts. the answer, just about everybody. the cuts were extended for all household income under $400,000 under 450 for families. the bill permanently prevents the alternative tax from hitting middle class families and ex tendexteed tndedhe the unemployment for a couple mill jobless americans. what this bill doesn't do is deal with the spending side of the fiscal cliff. that sequester, the package of across the board spending cuts that's supposed to kick in at the beginning the year to both defense and nondefense related agencies. the negotiators were only able to come up with a plan to push that sequester off for a couple of months and that
. >> the fiscal cliff is history pfor for now after congress approved a a not cut spending. there were some last minute eff& rtspeff byorts by house republicans to change the bill without one-third of them ended up vot& ng pvotyes.ing yes. nancy cordes is on capitol hill. good morning. repp>> orterepor: grterood : gomornod ming.orning. pwe now we nfinaow flly inalknowly k witnow h with certainty who's going to be keeping their bush-era tax cuts. the answer, just about...
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Dec 30, 2012
12/12
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and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that can pass both houses in time. but, if an agreement is not reached on time, i will urge the senate to hold an up or down vote on a basic package that protect the middle tax from the income tax hike, extends vital unemployment insurance and lays the groundwork for future progress on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow it to come to a vote. they still want to vote no, let tax hikes it the middle class, that is their prerogative. but they to let everybody else vote as well. that is the way this is supposed to work. we just cannot afford it politically self-inflicted wound our economy. the economy is growing but keeping it that way means folks you sent to washington have to do their jobs. the housing market is healing but i could stall
and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that can pass both houses in time. but, if an agreement is not reached on time, i will urge the senate to hold an up or down vote on a basic package that protect the middle tax from the income tax hike, extends vital unemployment insurance and lays the groundwork for future progress on more economic...
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Dec 30, 2012
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the spending is going on and on. the president says this is the worst congress in history. then he gives them a raise. i do not understand the perception or the tone. i do not know why this is happening. a lot of people claim they are democrats, yet there is a lot of communism. i do not understand how people can drive around with "live fr ee or die" parked outside a food stamp office. host: i want to read you this story out from the associated press on president obama's comments this morning. david jackson, anything surprising? guest: president obama is engaged in a campaign to pressure congress to sign off on the deal. he asked the senate to put together an agreement that can be done before the new year. if they cannot, he wants a vote on his plan. it would extend most of the bush tax cuts and other a clean insurance. he said he is prepared to blame the republicans if it falls apart. host: david jackson, they do so much for joining us this morning. next, we will take a look at what is going on in iraq with michael gordon. we will be right back. [captions copyright national
the spending is going on and on. the president says this is the worst congress in history. then he gives them a raise. i do not understand the perception or the tone. i do not know why this is happening. a lot of people claim they are democrats, yet there is a lot of communism. i do not understand how people can drive around with "live fr ee or die" parked outside a food stamp office. host: i want to read you this story out from the associated press on president obama's comments this...
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Dec 29, 2012
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if so, act like congress. raise revenues and reduce spending. so this is what we're going to cut out of our budget, and this is how i'm going to take that extra part-time job or whatever it takes to make that money. >> amy, how do you characterize the market right now? it's in recovery but nowhere near where it was in 2007 and 2008? >> that's right. it really varies by market, in most places across the u.s., the housing market bottomed, but this is a long and slow slog to recovery. our economists predict over the next year across nationwide, home values are only going to rise about 2.5%. it is going to take years and years for us to get back where home values were in most places at the peak. for people thinking about buying, you do have some time to take advantage of these low prices. >> all right. and i know we've been -- wow. profiled people who were financed a couple of times, looking at it again with low mortgage rates. thanks. >>> and most homes and investments are made possible by paychecks. up next, the smartest moves you can make to get
if so, act like congress. raise revenues and reduce spending. so this is what we're going to cut out of our budget, and this is how i'm going to take that extra part-time job or whatever it takes to make that money. >> amy, how do you characterize the market right now? it's in recovery but nowhere near where it was in 2007 and 2008? >> that's right. it really varies by market, in most places across the u.s., the housing market bottomed, but this is a long and slow slog to recovery....
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Dec 28, 2012
12/12
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fortunately, congress can prevent it from happening if they act now. i just had a good and constructive discussion with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we still may be able to reach agreement that can pass both houses in time. senators reid m. mcconnell are working on such an agreement as we speak. if an agreement is not reached in time between senator reed era senator mcconnell, i will urge senator reid to bring to the floor a basic package for an up or down vote, one never texting middle-class from a tax hike and extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on economic growth down the opposite reduction. i can hear you over here. i believe such a proposal could pass both houses with a bipartisan majority as long as the leaders allow this to come to a vote. if members of the house or the senate want to vote no, they can. we should let everybody vote. that's the way this is supposed to work.
fortunately, congress can prevent it from happening if they act now. i just had a good and constructive discussion with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we still may be able to reach agreement that can pass both houses in time. senators reid m. mcconnell are working on such an agreement as we speak. if an agreement is not reached in time between senator reed era senator mcconnell, i will urge senator reid to bring to the floor a...
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Dec 27, 2012
12/12
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congress set up the deadline hoping it would force a compromise. so far, that's backfired. also flying back on air force one is hawaii lieutenant governor brian schatz. he is replacing the late senator from hawaii, senator inouye. he'll likely be sworn in later today. schatz tweeted he's looking forward to supporting the president's agenda. reporting live in washington, i'm danielle leigh. >>> treasury secretary tim geithner is adding to the pressure saying the treasury may not be able to pay its bill on monday. that could lead to a credit downgrade. in his letter, geithner proposes a series of measures to postpone the date. geithner indicates his plan would free up about $2 who billion. >>> we now have an update on the health of president george h.w. bush who remains in a houston hospital. nbc news has learned his stubborn fever has gotten worse and he was admitted to the intensive care unit on sunday. doctors have him on a liquid-only diet. he's surrounded by family. mr. bush who is 88 years old has been hospitalized with bronchitis since just after thanksgiving. >>> now,
congress set up the deadline hoping it would force a compromise. so far, that's backfired. also flying back on air force one is hawaii lieutenant governor brian schatz. he is replacing the late senator from hawaii, senator inouye. he'll likely be sworn in later today. schatz tweeted he's looking forward to supporting the president's agenda. reporting live in washington, i'm danielle leigh. >>> treasury secretary tim geithner is adding to the pressure saying the treasury may not be able...
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Jan 2, 2013
01/13
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congress has time to finalize a five-year, $500 billion farm bill that authorizes spending on crop subsidies and food stamps. still with us is ken camen from acadian asset management. away from the farm bill, i raised this before break. just talk about the politics as we now go to talking about spending cuts and debt ceilings particularly on the republican side. you know, has john boehner got sort of voted against in -- although he passed a bill, it's almost -- some of the key gop members voted against him. >> listen, i'm not -- you know, a political expert on the make up of the house, but i will say if you look back at newt gingrich and the contract with america, there are a lot of things his party wanted to be put on the contract with america platform that he didn't. he stood tall and said, listen, you can always vote me out as speaker, but it didn't happen because you need someone better to come along. that they would get the votes to coalesce around someone else. what was he going to do, have it all on him that we were going over the cliff this morning? i think he has a lot of cover beca
congress has time to finalize a five-year, $500 billion farm bill that authorizes spending on crop subsidies and food stamps. still with us is ken camen from acadian asset management. away from the farm bill, i raised this before break. just talk about the politics as we now go to talking about spending cuts and debt ceilings particularly on the republican side. you know, has john boehner got sort of voted against in -- although he passed a bill, it's almost -- some of the key gop members voted...
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Dec 31, 2012
12/12
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keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, they have to be balanced. my principle is to do things in a balanced, responsible way and that means that revenues have to be part of the equation in turning off the sequester and eliminating the automatic spending cuts as well as spending cuts. now, the same is true for any future deficit agreement. obviously, we will have to do more to reduce the debt and deficit. i'm willing to do more but in a balanced, responsible way. for example, i'm willing to reduce the government's medicare bills by finding new ways of reducing health care cos
keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these...
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Dec 28, 2012
12/12
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WJLA
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fortunately, congress can prevent it from happening if the act right now. i just had a good and constructive discussion here in the white house with senate and house leadership about how to prevent the tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement is not reached in time, between senator reid and senator mcconnell, i will urge senator reid to bring to the floor a basic package for and getan up or down vote, one that extends the vital lifeline of unemployment insurance to 2 million americans, and lays the groundwork for future cooperation on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities, as long as those leaders allowed to actually come to a vote. if members of the house of the senate want to vote no they can. but we should let everybody vote. that is the way this is supposed to work. if we get a majority in the house,
fortunately, congress can prevent it from happening if the act right now. i just had a good and constructive discussion here in the white house with senate and house leadership about how to prevent the tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement is not reached in time, between senator reid and senator mcconnell, i will urge...
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and there will be more deficit reduction as congress decide to what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks. i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our defic deficit. i belief we have got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that -- that there is further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code. so that the wealthiest corporations and individuals can't take advantage of loopholes and deductions that aren't available to most americans. and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so, we are going to have to continue to move forward in deficit reduct
and there will be more deficit reduction as congress decide to what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks. i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our defic deficit. i belief we have got to find ways to reform that program without hurting...
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Dec 31, 2012
12/12
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WTTG
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. >> congress will work through tomorrow, with republicans likely insisting more spending cuts be included. >>> budget cuts are at the department of defense also in the cross hairs, raising new concerns about national security. fox's peter doocy looks at what it could mean. >> reporter: senator lindsey graham told me this morning his phone rang saturday night and was the defense secretary calling saying he was told the bill to avoid the fiscal cliff will not avoid anything for sequestration. so he'll need to write 800 layoff notices to contractors. >> if the president doesn't deal with this, he's a lousy commander-in-chief. if there's a deal done that doesn't set aside the defense cuts, we've already cut out of the it was department, then i'm disappointed in the president as commander-in-chief and the republican party for allowing this possible a party. >> reporter: sequestration is designed to be painful. it was imposed by congress on itself when the super committee didn't work it out. president obama said today the cuts can be offset by raising taxes on the rich. >> we have raised revenu
. >> congress will work through tomorrow, with republicans likely insisting more spending cuts be included. >>> budget cuts are at the department of defense also in the cross hairs, raising new concerns about national security. fox's peter doocy looks at what it could mean. >> reporter: senator lindsey graham told me this morning his phone rang saturday night and was the defense secretary calling saying he was told the bill to avoid the fiscal cliff will not avoid anything...
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Jan 3, 2013
01/13
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KPIX
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in the coming months, legislators will debate spending cuts, the debt limit and gun control. the 113th congress begins work after one of the least productive terms in history. the last group passed just 151 bills. the fewest in 65 years. that left congress with an approval rating of 10% last year lower than past approval ratings for the irs, lawyers and even paris hilton. jeff lake is starting his first day in the senate after serving 6 terms in the house. the new senator from arizona believes the "fiscal cliff" fight was a preview of things to come. >> this will not be the last high wire act and something that we do right before a deadline. we can't seem to do things in advance here. >> reporter: but senator mark kirk showed new members that challenges can be overcome. the illinois lawmaker walked up the capital steps after spending nearly a year rehabbing from a stroke. [ applause ] >> reporter: danielle nottingham, cbs news, capitol hill. >>> the 113th congress includes 13 new senators and 82 new house members. >> it does. and two of those representatives are from right he
in the coming months, legislators will debate spending cuts, the debt limit and gun control. the 113th congress begins work after one of the least productive terms in history. the last group passed just 151 bills. the fewest in 65 years. that left congress with an approval rating of 10% last year lower than past approval ratings for the irs, lawyers and even paris hilton. jeff lake is starting his first day in the senate after serving 6 terms in the house. the new senator from arizona believes...
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Dec 26, 2012
12/12
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dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colo
dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us....
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Jan 1, 2013
01/13
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problems. >> with this congress that was obviously a little too much to hope for at this time. it may be -- and maybe we can do it in stages. >> negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be involved in those discussions, but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this problem. the overall problem. but what i will not agree to is using revenues to replace spending reductions. >> reporter: even if the senate approves the deal by midnight, the house still has to pass the measure before the president can sign it into law. randall pinkston, cbs news, washington. >> that process could take a couple of days but lawmakers say it could be made retroactive but no matter what kind of deal is made, your paycheck will likely shrink in 2013. jessica do
problems. >> with this congress that was obviously a little too much to hope for at this time. it may be -- and maybe we can do it in stages. >> negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking point now is spending. the president suggested lawmakers take action on deficit reduction in the next few months and that more tax revenue could be...
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Dec 29, 2012
12/12
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i think the president and congress are the ones spending the money. congress appropriates funds. we can criticize or praise them together for this package. we will see if the house does pick it up in the next few days. host: next up is mary lou on the line for independents. caller: i watched the special program they had with the rock stars about two weeks ago. i did give money for it. i have never heard how much they made. they must have made a lot of money. it was on from 8:00 until midnight or something. i have not heard a word about it since then. they should have made a few million dollars anyway. do you know what happened to that? that is my question. host: when you are watching a concert, who was your favorite art? caller: bruce springsteen. mick jagger is certainly a character. host: do efforts like that concert, does it show there is an increased need for this kind of money? does the government say you can have a concert and raise money to help these people? guest: many critics of the bill say the private sector should respond. i do not know how much was raised in the con
i think the president and congress are the ones spending the money. congress appropriates funds. we can criticize or praise them together for this package. we will see if the house does pick it up in the next few days. host: next up is mary lou on the line for independents. caller: i watched the special program they had with the rock stars about two weeks ago. i did give money for it. i have never heard how much they made. they must have made a lot of money. it was on from 8:00 until midnight...
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Jan 2, 2013
01/13
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congress will still have to fight over spending cuts, and most taxpayers will still see their taxes go up. that's just one thing to consider when you plan for 2013. rebecca jarvis is back to show you how to deal with the changes on wall street and in washington. good morning again. >> good morning again. >> the bottom line is we're all going to be paying more. >> most people are, yes. 77% of americans are going to see their taxes rise and that's in part because of the payroll tax which was cut to help avert some of the recession's damage. that is going up on everyone. so now it's 6.2% instead of 4.2%. the average family, say you make between $50,000 and $70,000. you're going to see your taxes go up $10,000. if you're making 100 to 200,000 that's going to see $1,000 to $2,000 increase there. >> what about the retirement savings? >> it should be from you. it should be from you. continue to see how to make more changes personally that can put more money in the bank that can plan more for your own future because ultimately when you look at where things are protected to be cut on the spendi
congress will still have to fight over spending cuts, and most taxpayers will still see their taxes go up. that's just one thing to consider when you plan for 2013. rebecca jarvis is back to show you how to deal with the changes on wall street and in washington. good morning again. >> good morning again. >> the bottom line is we're all going to be paying more. >> most people are, yes. 77% of americans are going to see their taxes rise and that's in part because of the payroll...
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Jan 3, 2013
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. >> congress already voted to spend this money. if you've defaulted on this, if you destroy the full faith and credit of the united states, you can have an event that could be lehman-like, the collapse of lehman brothers in 2008 and send the world economy off the edge. >> i just wanted to make na clear. thank you, jared and bob. >>> up next, good riddance to the 112th congress which was the least effective congress in decades but will the 113th congress just sworn in today be any better? this is "hardball," the place for politics. >> and that you will well and faithfully discharge the duties of the office on which you are about to enter so help you god. >> i do. >> congratulations, you're now a member of the 13th congress. aig? we said we were going to turn it around, and we did. woman: we're helping joplin, missouri, come back from a devastating tornado. man: and now we're helping the east coast recover from hurricane sandy. we're a leading global insurance company, based right here in america. we've repaid every dollar america le
. >> congress already voted to spend this money. if you've defaulted on this, if you destroy the full faith and credit of the united states, you can have an event that could be lehman-like, the collapse of lehman brothers in 2008 and send the world economy off the edge. >> i just wanted to make na clear. thank you, jared and bob. >>> up next, good riddance to the 112th congress which was the least effective congress in decades but will the 113th congress just sworn in today...
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Jan 3, 2013
01/13
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KICU
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if the debt ceiling is not raised, the nation could default on its spending. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> the president has maxed out his credit card, and he's not going to get an unlimited credit card. >> reporter: the next few months will be a real test for congress, and for new nebs who think they can break the impasse between parties. rita williams, ktvu, channel 2 news. >>> relief over the fiscal cliff deal may be short lived as americans realize their payroll taxes are going up. the deal in congress reinstates the 2% cut in the social security payroll tax that was waived two years ago, to stimulate the economy. consumer psychologist says 2% can make a big difference. >> in the bay area, a couple making $100,000 a year, taking a $2,000 cut in that income is massive. it's completely different than other parts of the country where $100,000 goes a long way. >> it can have a domino effect on install businesses and the economy as a whole. congr
if the debt ceiling is not raised, the nation could default on its spending. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> the president has maxed out his credit card, and he's not going to get an unlimited credit card. >> reporter: the next few months will be a real test for congress, and for new nebs who think they can break the impasse between...
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58
Jan 2, 2013
01/13
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WJLA
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eye 58
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round two of the spending cuts. what are the chances that republicans go along with raising the debt ceiling? i know they believe maybe they have a little leverage now? >> reporter: i feel like we've seen this movie before. republicans are going to have to vote for raising the debt ceiling. but they want deeper spending cuts and deficit reduction. and they'll probably get it. but it could be another ugly fight in two months. >> it's interesting that john boehner and paul ryan voted in favor yesterday, as well. interesting dynamic there. tahman bradley in washington. thank you, tahman. >>> and new york lawmakers are furious this morning after the house ditched a vote on billions of dollars of aide for victims of hurricane sandy. house gop leaders decided to wait for the new session of congress before taking the vote. new york republican peter king called it absolutely inexcusable. and democrat eliot engle says speaker john boehner should hang his head in shame. >>> secretary of state hillary clinton, entering a fourt
round two of the spending cuts. what are the chances that republicans go along with raising the debt ceiling? i know they believe maybe they have a little leverage now? >> reporter: i feel like we've seen this movie before. republicans are going to have to vote for raising the debt ceiling. but they want deeper spending cuts and deficit reduction. and they'll probably get it. but it could be another ugly fight in two months. >> it's interesting that john boehner and paul ryan voted...
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128
Dec 28, 2012
12/12
by
WRC
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eye 128
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fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can mass both houses in time. senators reith and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job and lays the groundwork for future cooperation on more economic growth and definite at this time reduction. guys, i can hear you over here. as long as those leader allow it to actually come to a vote. if members of the house or the in a want to vote no, they can. but we should let everybody vote. that's the way this is supposed to work. i
fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can mass both houses in time. senators reith and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i will...
360
360
Dec 31, 2012
12/12
by
KGO
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eye 360
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. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. the tax impact for the average american family, more than $3,400. senate leaders continued to work on the stop gap bill. but sticking points remain. >> there's still significant difference between the two sides. but negotiations continue. >> reporter: reid said negotiations will continue through the night, with just hours left until that deadline. john and paula? >> preeti, thank you. >> so they are working right now, hopefully on something -- senator mitch mcconnell is working hand in hand with the vice president who said i think we all know we're running out of time. i want everyone to know i'm willing to get this done, but i need a dance partner. which would be nice. >> it takes two to tango as they say. >>> let's talk about eastern oregon. nine people dead after a tour bus accident on an icy highway. the bus lost control on interstate 84 yesterday and smashed through a guard rail and plunged several hundred feet down a snowy embankment there. the bus was heading back
. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. the tax impact for the average american family, more than $3,400. senate leaders continued to work on the stop gap bill. but sticking points remain. >> there's still significant difference between the two sides. but negotiations continue. >> reporter: reid said negotiations will continue through the night, with just hours left until that deadline. john and...
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240
Jan 3, 2013
01/13
by
KTVU
tv
eye 240
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if the debt ceiling is not raised, the nation could default on its spending. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> the president has maxed out his credit card, and he's not going to get an unlimited credit card. >> reporter: the next few months will be a real test for congress, and for new nebs who think they can break the impasse between parties. rita williams, ktvu, channel 2 news. >>> relief over the fiscal cliff deal may be short lived as americans realize their payroll taxes are going up. the deal in congress reinstates the 2% cut in the social security payroll tax that was waived two years ago, to stimulate the economy. consumer psychologist says 2% can make a big difference. >> in the bay area, a couple making $100,000 a year, taking a $2,000 cut in that income is massive. it's completely different than other parts of the country where $100,000 goes a long way. >> it can have a domino effect on install businesses and the economy as a whole. congr
if the debt ceiling is not raised, the nation could default on its spending. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> the president has maxed out his credit card, and he's not going to get an unlimited credit card. >> reporter: the next few months will be a real test for congress, and for new nebs who think they can break the impasse between...
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83
Dec 28, 2012
12/12
by
WTTG
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eye 83
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fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i am optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation of more economic growth and deficit reduction. guys, i can hear you over here. i believe such proposal could pass both houses with bipartisan majorities, as long as those leaders allow it to actually come to a vote. if members of the house or the senate want to vote no, they can. but we shou
fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i am optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time between senator reid and senator mcconnell, then i will...
184
184
Dec 31, 2012
12/12
by
WBFF
tv
eye 184
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you've fiscal cliff lately, here's congress decided to create a meehanismmthht cut militaay spending and entitlemmnt trillion dollars to try to force themselves into a deaal deal. that cliff is heree and it arrives as taxes are set o go up on all americans. anyone making ovee four year to pay more in taxes. conservative republicans don't want to raise taaes on anyyne. they're deeand only áspending cutsá to curb he country'ss debt. vice president biden and minorityyleeder mitch mcconnell are now talking agreement bott sidessof the senate caa agree on. 3 3 &p obviously, whaa had happened here between the two leaaers innthe senate had broken down because the senatt democrats republiianssmade last night. so hoppfully, the discussions back on track, hopefully get a can vote on, hopefully today - or tomorrow. it's not just your taxes, in 26 hours will have a edinn devastatiig effect on deffnse cuts will spiral outward to government conttactors aad coull lead tt widespread layoffs according to economisss. 3 and we're tracking morr breaking news out of washington. secreeary of hossitalized
you've fiscal cliff lately, here's congress decided to create a meehanismmthht cut militaay spending and entitlemmnt trillion dollars to try to force themselves into a deaal deal. that cliff is heree and it arrives as taxes are set o go up on all americans. anyone making ovee four year to pay more in taxes. conservative republicans don't want to raise taaes on anyyne. they're deeand only áspending cutsá to curb he country'ss debt. vice president biden and minorityyleeder mitch mcconnell are...
302
302
Dec 28, 2012
12/12
by
FOXNEWSW
tv
eye 302
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fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with the leadership in the senate how to prevent tax hike in the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agre agreement as we speak. if an agreement isn't reached in time between senator reid and senator mcconnell then i will urge senator reid to bring to the floor a basic package for an up-or-down vote. one that protects the middle class from the income tax hike, extends the vital lifeline of the unemployment insurance to 2 million americans looking for a job. and lays the groundwork for future cooperation, more economic growth. deficit reduction. guys, i can hear you over there. i believe such proposal could pass both houses with bipartisan majorities. as long as the leaders allow it to actually come to a vote. if members of the house or senate want to vote no, they can. let even vote. that is the way t
fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with the leadership in the senate how to prevent tax hike in the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agre agreement as we speak. if an agreement isn't reached in time between senator reid and senator mcconnell then i will urge senator...
121
121
Dec 28, 2012
12/12
by
WUSA
tv
eye 121
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fortunately congress can prevent it from happening if they act right now. i just add good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reed and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time, between senator reid and senator mcconnell, then i will urge senator reid to bring it to floor a basic package for an up or down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. guys, i can hear you over there. i believe such proposal could pass both houses with bipartisan majorities as long as those leaders allow to the actually come to a vote. if members of the house or the senate want to vote no, they can. but we s
fortunately congress can prevent it from happening if they act right now. i just add good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reed and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time, between senator reid and senator mcconnell, then i...
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175
Dec 26, 2012
12/12
by
FOXNEWSW
tv
eye 175
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the proposal would have to be approved congress. >>> president obama is spending christmas with some of the nation's bravest men and women. greeting marines at a gays near their vacation home in hawaii paying tribute to them and their family. an annual vacation tradition for president obama. that is your 5@5:00. >>> speaking of the president. fox news confirming he will be cutting his vacation short to get back to work on the fiscal cliff. peter doocy has more. >> president obama will departed hawaii for washington, d.c. late tonight leaving his wife michelle and daughters sasha and malia behind. the latest guidance we have from white house is that the president will be back here in the nation's capital where it is presently 36 degrees sometime tomorrow morning. united states government is set to go off the fiscal cliff on new year's day. at this point we don't know if the president plans to return at the to hawaii if the tax hikes are avoided well in advance of the of the new year. he's there to talk to himself. john boehner will come back at any time. his office told us it would be
the proposal would have to be approved congress. >>> president obama is spending christmas with some of the nation's bravest men and women. greeting marines at a gays near their vacation home in hawaii paying tribute to them and their family. an annual vacation tradition for president obama. that is your 5@5:00. >>> speaking of the president. fox news confirming he will be cutting his vacation short to get back to work on the fiscal cliff. peter doocy has more. >>...
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70
Dec 31, 2012
12/12
by
FBC
tv
eye 70
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and spending reform and broader tax reform package. but all those specific details when you talk about entitlements and spending on the bigger side. $3-4 trillion deal that would have to be filled in over the next year. >> all right. rich, we appreciate it. just a reminder, 5:00 a.m., cheryl casone will have the latest on overseas trading but also any potential deal or leak that has a deal may be in the works. find out right here on the fox big network. fox business network team starting here at 5:00 a.m. here in new york city. that wraps it right now. we're going to go back to our programming. we are talking cometely off-the-cuff, but we know will not be at 250. i think carrie reed has problems from new york like dianne feinstein of california, and 250 will be a big pill to allow. this is a fiscal cliff that we can have 50 days, 60 days down the road. it does not fix the problem if you will have these taxes on $250,000 and above. as rich edson said, this is going to be another deadline in congress has to have. i think everyone needs t
and spending reform and broader tax reform package. but all those specific details when you talk about entitlements and spending on the bigger side. $3-4 trillion deal that would have to be filled in over the next year. >> all right. rich, we appreciate it. just a reminder, 5:00 a.m., cheryl casone will have the latest on overseas trading but also any potential deal or leak that has a deal may be in the works. find out right here on the fox big network. fox business network team starting...
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115
Jan 2, 2013
01/13
by
WBAL
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eye 115
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there will be more dead as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to survive. there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax coats of that the well as corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we can i keep cutting things like basic research and new technology is still expected to succeed. we are going to have to continue to move forward attended as a reduction but we have to do it in a balanced way, making sure we are growing, even as we get a
there will be more dead as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to...
116
116
Jan 2, 2013
01/13
by
CNNW
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eye 116
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decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individual can take advantage of loopholes and deductions that aren't available to most americans and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to move forward in deficit reduction but we have to do it in a balanced way, making sure that we are growing, even as we get a handl
decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending...
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the 113th conference -- congress now being gaveled into session. among the issues on their plate two spending cuts that could take effect in february, raising the debt ceiling, a vote on aid to victims of superstorm sandy and in 15 minutes republicans voting against john boehner to be house speaker. you just saw karen haas on the floor of the house calling the house into order. there was the gavel. let's bring in peter barnes who is standing by on capitol hill with all of this. here we go. peter: very exciting day, 113th conference -- congress held into session, 33 members of the house, the split is 133 republicans, 200 democrats, two vacancies. on the senate 100 senators, 55 democrats and 45 republicans. we are watching the house today because of this kind of buzz about whether or not john boehner will have any dissenting votes at a minimum order in his run for speaker because with 230 republicans he can only afford to lose 17 votes and we know that there are way more than 17 conservatives and tea party members who have been upset with the speaker
the 113th conference -- congress now being gaveled into session. among the issues on their plate two spending cuts that could take effect in february, raising the debt ceiling, a vote on aid to victims of superstorm sandy and in 15 minutes republicans voting against john boehner to be house speaker. you just saw karen haas on the floor of the house calling the house into order. there was the gavel. let's bring in peter barnes who is standing by on capitol hill with all of this. here we go....
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235
Jan 1, 2013
01/13
by
KPIX
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eye 235
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problems. >> with this congress, that was obviously too many to hope for at this time. [ laughter ] >> maybe we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides are moving back and forth between meeting rooms on capitol hill on what is normally a quiet new year's eve. the sticking point is spending. the president said to take action on deficit reduction in the next few months and more tax revenue could be involved in those discussions but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this overall problem but what i will not agree to using revenues to replace spending reductions. >> reporter: even in the senate approves the deal by midnight, the house has to pass it. >>> once the deal is done, what will it mean to you and your family's finances? cbs 5 reporter grace lee with the consequences of a compromise. >> reporter: this deal is not official until both houses pass it and it's signed by the president. outlined at this point it's clear at least when it comes to your taxes. so most middle a
problems. >> with this congress, that was obviously too many to hope for at this time. [ laughter ] >> maybe we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides are moving back and forth between meeting rooms on capitol hill on what is normally a quiet new year's eve. the sticking point is spending. the president said to take action on deficit reduction in the next few months and more tax revenue could be involved in those...
381
381
Dec 28, 2012
12/12
by
KPIX
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eye 381
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if congress fails to pass a farm bill, they may end up spending an extra $120 a month on milk. that has dad sean rasmussen worried. >> we will not cut back on milk. they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation, government price supports for milk will revert to 1949 levels. back then, the process was more laborious, and farmers needed a higher subsidy to cover their costs. dan summer, professor of agricultural economics at the university of california davis, says the new price of milk will be far above what it now costs dairy farmers to produce it. >> it really will be just chaos. nobody really knows how to act. >> reporter: so we would go back to this old farm bill, which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy farmers. >> here's the problem for dairy farmers: they don't want chaos in the milk market. it sounds good-- "gee, everybody will double or triple the price"-- but how much milk would people buy at that price? >> reporter: nobo
if congress fails to pass a farm bill, they may end up spending an extra $120 a month on milk. that has dad sean rasmussen worried. >> we will not cut back on milk. they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation, government price supports for milk will revert to 1949 levels. back then, the process was more laborious, and farmers needed a higher subsidy to cover their costs. dan summer, professor of agricultural economics at the...
111
111
Dec 27, 2012
12/12
by
WBAL
tv
eye 111
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counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about to hit its debt limit and needs to act fast. in washington, danielle leigh, nbc news. >> as we head to the new year, a number of new laws are set to effect here in maryland. one allowing gay couples to marry as of january 1. another new law states baltimore city elections will be held on the same cycle as the presidential election, meaning officials will get an extra year in office. as of january 1, a parent or guardian will have the right to free credit reports to protect kids and disabled adults from identity theft. it is hoped it will protect foster children, who are especially vulnerable. >> we are hoping that the credit bureau to the part of human resources will be able to get to some data sharing so they can either freeze them en masse as well as help them to access to their credit reports. >> when it comes to the weather, we are in the clear from rain or snow for now, that was not the case further
counters -- congress has set a deadline but so far that has backfired. now there is a new warning from the treasury secretary that this country is about to hit its debt limit and needs to act fast. in washington, danielle leigh, nbc news. >> as we head to the new year, a number of new laws are set to effect here in maryland. one allowing gay couples to marry as of january 1. another new law states baltimore city elections will be held on the same cycle as the presidential election,...
206
206
Jan 2, 2013
01/13
by
WBAL
tv
eye 206
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congress now needs to raise the debt ceiling, he says, so the government can keep paying its bills. if not, he says the consequences could be far worse than the impact of the fiscal cliff. >>> secretary of state hillary rodham clinton will fully recov recover, doctors are confident, from a blood clot in her head. she is said to be in good spirits and making excellent progress. the blood clot behind her right ear formed after a concussion from a fall. >>> justin bieber's sports car. he was not in the car at the time. the photographer was struck by another vehicle as he returned to his own car. officials say no charges are expected against the driver who hit him. >>> today an open house is being held in connecticut at a repurpose school for survivors of last month's sandy hook elementary massacre. teachers and other workers have been busy get thing the space ready for the students, painting and moving furniture. classes at the new facility begin tomorrow. counselors say it's important for children to get back into a normal routine. >>> if your new year's resolution is to lose a few po
congress now needs to raise the debt ceiling, he says, so the government can keep paying its bills. if not, he says the consequences could be far worse than the impact of the fiscal cliff. >>> secretary of state hillary rodham clinton will fully recov recover, doctors are confident, from a blood clot in her head. she is said to be in good spirits and making excellent progress. the blood clot behind her right ear formed after a concussion from a fall. >>> justin bieber's sports...
367
367
Dec 29, 2012
12/12
by
KGO
tv
eye 367
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congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the bill, as the president calls bare minimum isn't what many hoped for, pushing off until next year, larger pron lems of dealing with the cuts. the study by george mason university found cuts will result in two million jobs lost and a $215 billion drop in the nation's gross domestic product. for california, it means defense spending will be cut by half a billion dollars, 12,000 children would lose their access to head head start programs and fewer women would receive screening. 7,000 victims of domestic violence would lose services. 8,000 fewer californians tested for hiv. 296,000 students
congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the...
237
237
Jan 1, 2013
01/13
by
KRON
tv
eye 237
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. >> it looks like i'm gonna be spending new year's here in dc. >>> congress fails to meet its the fiscal cliff. the u.s. will go over the fiscal cliff tonight at midnight. because of a decision by the republican- led house of representatives to adjourn until tomorrow. and yet despite this decision, we are hearing that. though a day late. congress and the white house have reached a deal. kron 4's dan kerman is here with the very latest on this developing story. >> reporter: the bush tax cut expire at midnight, and if nothing is done, taxes go up for middle class americans. that is what everyone is trying to avoid. late monday evening vice president joe biden and senator harry read headed to the capitol to brief democrats on a deal worked out between congressional leaders and the white house to prevent across the board spending cuts and tax hikes. >> i think that this is a modest goal that we connect ambush. democrats, republicans in congress set to get this done. this is a modest goal that we can accomplish. >> reporter: for a tax hike for couples earning more than 450-thousand dollars a
. >> it looks like i'm gonna be spending new year's here in dc. >>> congress fails to meet its the fiscal cliff. the u.s. will go over the fiscal cliff tonight at midnight. because of a decision by the republican- led house of representatives to adjourn until tomorrow. and yet despite this decision, we are hearing that. though a day late. congress and the white house have reached a deal. kron 4's dan kerman is here with the very latest on this developing story. >> reporter:...
470
470
Dec 28, 2012
12/12
by
MSNBCW
tv
eye 470
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fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> it comes after speaker boehner left the white house. he didn't say anything to reporters and neither did anyone else who was seen leaving the meeting. here's what we do know. in just four days, taxes will go up on millions. and millions more will have their vital unemployment benefits run out. that's why president obama organized the meeting with vice president biden, speaker boehner, nancy pelosi and senators reid and mcconnell. he urged them to extend jobless benefits. we can deal with cuts to defense and domestic programs later. but let's take care of the middle and working class right now. give them assurance right now. joining me is congressman chief ellison. he's co-chair of the progr
fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> it comes after speaker boehner left the white house. he didn't say anything to reporters and neither did anyone else...
118
118
Jan 3, 2013
01/13
by
KRON
tv
eye 118
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in two months, that $109 billion in spending cuts will be triggered again unless congress had the president can come up with a mutual agreeable plan. and the three months, congress will be faced with raising the debt ceiling so the government can continue to pay its bills. republicans say that the spending cuts will be required to get their support. but the president says that that is not our it is going to work. >> while i will negotiate many things i will not have another debate with this congress on weather or not they should pay the bills for that they've already racked up. through these laws that they have passed. >> reporter: critical legislation it is they have avoided the difficult work in the fiscal house is still not in order. catherine? >> catherine: thank you, dan. san francisco police have named the man arrested in yesterday's crash that killed two people and injured two others. 19 year old david morales is out of the hospital and in jail. police say the convicted felon is an active gang member and is facing charges including two count of murder and three counts of attempted mu
in two months, that $109 billion in spending cuts will be triggered again unless congress had the president can come up with a mutual agreeable plan. and the three months, congress will be faced with raising the debt ceiling so the government can continue to pay its bills. republicans say that the spending cuts will be required to get their support. but the president says that that is not our it is going to work. >> while i will negotiate many things i will not have another debate with...
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Jan 2, 2013
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also not getting done, spending cuts. one analyst said today congress kicked the drone down the road, postponing cuts for another month. republicans say they will fight raising the debt ceiling without significant spending cuts. >> the president has maxed out his credit card and he's not going to get an unlimited credit card. >> he is back in hawaii today but president obama feels congress spent the money and will have to raise taxes further. >> i will not have another debate with congress over whether or not they should pay the bills they have already racked up. >> of late this afternoon, house republican leaders backed down over their decision to postpone a force and the victims after both parties blasted lack of action. now, congress will vote on $9 billion in aid and additional aid later when congress officially returns to the new session. >> we are going to stick with the fiscal cliff for a moment because lawmakers are not the only ones sounding off about it. we have reaction from taxpayers to how much more they will
also not getting done, spending cuts. one analyst said today congress kicked the drone down the road, postponing cuts for another month. republicans say they will fight raising the debt ceiling without significant spending cuts. >> the president has maxed out his credit card and he's not going to get an unlimited credit card. >> he is back in hawaii today but president obama feels congress spent the money and will have to raise taxes further. >> i will not have another debate...
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Jan 3, 2013
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white house over the debt limit and then on to those spending cuts. back to you guys. >> all right, hampton, thank you very much. the battle lines are already being drawn for the upcoming debt limit debate. here's what senate minority leader mitch mcconnell had to say in an op-ed piece on yahoo!. no idea they had op-ed pieces on yahoo!. here's what he wrote. the president is already claiming that his tax hike on the rich isn't enough. i have news for him, says the senator, it was the last word on taxes. that debate is over. now the conversation turns to cutting spending on the government programs that are the real source of the nation's fiscal imbalance, and the upcoming debate he continues on the debt limit is the perfect time to have that discussion that. from mitch mcconnell. >> discussion, yes. >> yes. >> just how will this play out. representative mo brooks is a republican from alabama who voted against the fiscal cliff deal and jim necessariel is a former republican representative from iowa and the former director of office of management and bud
white house over the debt limit and then on to those spending cuts. back to you guys. >> all right, hampton, thank you very much. the battle lines are already being drawn for the upcoming debt limit debate. here's what senate minority leader mitch mcconnell had to say in an op-ed piece on yahoo!. no idea they had op-ed pieces on yahoo!. here's what he wrote. the president is already claiming that his tax hike on the rich isn't enough. i have news for him, says the senator, it was the last...
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with a divided congress yet to reach a deal that's now i talked to came. from the international action center which coordinates activism and information for post a message in international justice thanks for joining us well tell us what is the fiscal cliff and just how serious could it be. well the fiscal cliff refers to a disastrous economic results that will take place if u.s. budget laws are not changed they are sat so there's something called a debt ceiling so there's so much money so so much money is spent then all of a sudden there's a huge reduction in government spending and this is really staged by the bankers and the corporations because as capitalism is collapsing internationally they are they're setting up and they're trying to get people used to the idea that they have to accept cuts and all the services they depend on and so this is a staged crisis in order to force the people to pay for a process that the banks created or it's not the first time they say that democrats and republicans have squabbled over such a serious issue which could plun
with a divided congress yet to reach a deal that's now i talked to came. from the international action center which coordinates activism and information for post a message in international justice thanks for joining us well tell us what is the fiscal cliff and just how serious could it be. well the fiscal cliff refers to a disastrous economic results that will take place if u.s. budget laws are not changed they are sat so there's something called a debt ceiling so there's so much money so so...
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. >> reporter: for many in congress who had sworn off pork barrel spending, these middle- of-the-night tax breaks represent new levels of pork. cbs news, washington. >>> secretary of state hillary clinton is out of the hospital after being treated for a blood clot in her head. she was smiling when she walked out of the hospital along with bill and chelsea. doctors say mrs. clinton will be find. even while she was in the hospital, she was on the phone talking with her staff. >>> on the other hand, coming up, a mom and dad woke up feeling groggy. they had themselves drug- tested. what they found out has the whole neighborhood talking. >>> the bay area tv station that al-jazeera just bought. coming up. >>> and the final farewell to a beloved bay area museum before it packs up and heads out. >>> so long for now, as far as those cold temperatures are concerned. i don't think so! now the rain and when you can expect it, as eyewitness news continues on cbs 5. spiking her parents' milkshs with sleeping pills, so >>> wait till you hear this. a teen is accused of spiking her parents' milk shakes
. >> reporter: for many in congress who had sworn off pork barrel spending, these middle- of-the-night tax breaks represent new levels of pork. cbs news, washington. >>> secretary of state hillary clinton is out of the hospital after being treated for a blood clot in her head. she was smiling when she walked out of the hospital along with bill and chelsea. doctors say mrs. clinton will be find. even while she was in the hospital, she was on the phone talking with her staff....
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Dec 31, 2012
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side out of the white house and democrats in congress? >> personally, no. i happen to think that when your credit card comes due, you pay the bill, but i can understand the frustration of people like lindsey graham, who's an extremely responsible and very, very good senator, in my opinion, because he wants to get something done. and what we're seeing here is very little action on the spending side of the ledger. let's say that leader mcconnell and vice president biden reach an agreement today, which i certainly hope they will, but that agreement clearly is just going to be on the revenue side. the majority's going to be on the revenue side, and the problem is on the spending side. it's ironic that the one proposal that leader mcconnell put forward, which was an idea that came from the white house, which was that you control the rate of growth of entitlements by changing the calculation of the cpi, something that should have been done a long time ago to get it to be more accurate, was rejected, rejected out of hand on the other side of the
side out of the white house and democrats in congress? >> personally, no. i happen to think that when your credit card comes due, you pay the bill, but i can understand the frustration of people like lindsey graham, who's an extremely responsible and very, very good senator, in my opinion, because he wants to get something done. and what we're seeing here is very little action on the spending side of the ledger. let's say that leader mcconnell and vice president biden reach an agreement...
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Dec 31, 2012
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actually, it's a lot more spending, but something congress does every year. that's to make sure that medicare patients don't get a fairly dramatic pay cut every so often. in this case it would be at the beginning of this year. there is no debt ceiling as part of this, that's designed to help house republicans vote for this. that was a big sticking point for them. they say with the debt ceiling they can extract more government spending cuts, so that's a fight that will live to see another day. so they are close and, in fact, reached an agreement on these tax portions here. it's just those automatic spending cuts democrats and the white house want to delay those cuts or offset those costs for a few months or possibly a year. republicans say we're fine with delaying those cuts, you just have to come up with other government spending consistents to offset the cost of pushing back those cuts. david: we're just getting late-breaking news from roll call, the president saying eventually he's going to be asking for each more taxes going up. what's the latest on this?
actually, it's a lot more spending, but something congress does every year. that's to make sure that medicare patients don't get a fairly dramatic pay cut every so often. in this case it would be at the beginning of this year. there is no debt ceiling as part of this, that's designed to help house republicans vote for this. that was a big sticking point for them. they say with the debt ceiling they can extract more government spending cuts, so that's a fight that will live to see another day....
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Jan 2, 2013
01/13
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decides what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point, as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there's further unnecessary spending in government that we could eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individuals can't take advantage of loop holes and deductions that aren't available to most americans, and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to move forward in deficit reduction, but we'll have to do it in a balanced way, making sure that
decides what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point, as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there's...
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and all of these negative effects can be undone with congress continuing to work. but deadlines tend to make things happen here. and missing tonight could delay this for an amount of time we just can't predict. kate? >> kelly o'donnell on capitol hill where i suspect she'll be for a while. tonight our political director and chief white house correspondent chuck todd also on hand tonight. he joins me now. chuck, there are a lot of people, i'm sure, out there rolling their eyes, wondering how did we get to this point on new year's eve? how did they let it go this far? >> reporter: well, the biggest problem is our political system does not reward compromise. the way these deals have happened in the past, with previous presidents and previous speakers and previous leaders is a compromise is rewarded by the public. and right now, whether it's president obama, whether it was speaker boehner, the two of them couldn't find a way to get to a deal because they didn't want to look like they were ever caving. and when you get to a point where it looks like you're caving on som
and all of these negative effects can be undone with congress continuing to work. but deadlines tend to make things happen here. and missing tonight could delay this for an amount of time we just can't predict. kate? >> kelly o'donnell on capitol hill where i suspect she'll be for a while. tonight our political director and chief white house correspondent chuck todd also on hand tonight. he joins me now. chuck, there are a lot of people, i'm sure, out there rolling their eyes, wondering...
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Dec 27, 2012
12/12
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this is just a stark reminder that we have out of control spending in this country and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost not just raising taxes on americans. >> so david, hard to believe that we are still talking about this. did you see it happening like this? is washington so broken they can't find a compromise? >> i must confess i'm a short-term pessimist but a long-term optimist. the country will get back on track but it will take a while. this is extraordinary in two ways. damage has been done because of this craziness in washington. business plans are down. business sentiment is down. we're going to pay a price this next year regardless if we go off the cliff. how extraordinary is it? the senate hasn't acted or called back to act on a bill between christmas and new year's for 49 years. the first time in 49 years the senate has had to come back like this. i think the prospects are strong that we are going to go over the cliff. they're high because the differences are so big. the republicans are going to clearl
this is just a stark reminder that we have out of control spending in this country and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost not just raising taxes on americans. >> so david, hard to believe that we are still talking about this. did you see it happening like this? is washington so broken they can't find a compromise? >> i must confess i'm a short-term pessimist but a long-term optimist. the country will get back on...
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republicans in congress brought this to a new low last night. this is a disaster on top of the disaster. we are americans. this is what separates us from everyone else. >> i can't imagine that type of indifference, that type of this regard, that cavalier attitude being shown to any other part of the country. neil, down, shut up, and listen up. contrary to all the hand-wringing, these guys should be celebrating, that's right, celebrating the death of a relief bill that offer little in the way of real relief for those actually hit by sandy. you heard me right. this measure will show for reason. it was unreasonable and stupid. laden was part for projects having nothing to do with sandy and all. roof repairs at the smithsonian museum, tree plantings and a mile, none of them having to do a lick with the storm that happily guandong like pigs at a trough. and poor sandy victims simply waiting in line for crumbs to come their way. god forbid republicans in the house made sure rescue aid goes to those who need the aid and not those are trying to steal th
republicans in congress brought this to a new low last night. this is a disaster on top of the disaster. we are americans. this is what separates us from everyone else. >> i can't imagine that type of indifference, that type of this regard, that cavalier attitude being shown to any other part of the country. neil, down, shut up, and listen up. contrary to all the hand-wringing, these guys should be celebrating, that's right, celebrating the death of a relief bill that offer little in the...
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Dec 27, 2012
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president obama and members of congress are set to return for one day more of talks to avert spending cuts at the same time tax cuts expire. one alternative being floated - congress may let income taxes go up on everyone one tick past the stroke of midnight, then quickly vote to decrease tax rates for most americans back to 2012 levels. meanwhile, starbucks ceo howard schultz wants his employees to send a message and scrall, "come together," on cups for drink orders in the d.c. area. it's the first time employees have been asked to write anything other than customers' names on cups. former members of a regulatory agency are walking the well worn path from washington to wall street. since june, 9 members of the commodity futures trading commission have taken jobs at financial firms including jpmorgan chase and japanese investment bank nomura, according to the wall street journal. members of the cftc have been making the transition to help firms intepret changes under the dodd- frank reforms passed in 2010. critics of this revolving door contend ex-staffers can use personal connections
president obama and members of congress are set to return for one day more of talks to avert spending cuts at the same time tax cuts expire. one alternative being floated - congress may let income taxes go up on everyone one tick past the stroke of midnight, then quickly vote to decrease tax rates for most americans back to 2012 levels. meanwhile, starbucks ceo howard schultz wants his employees to send a message and scrall, "come together," on cups for drink orders in the d.c. area....
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Dec 27, 2012
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congress set up the deadline, hoping it would force a compromise. so far, that's backfired. also flying back on air force one is lieutenant governor brian schatz and will likely be sworn in later today. just before taking off, he tweeted that he's looking forward to supporting the president's agenda. reporting live in washington, i'm dan yeielle leigh. mara, back to you. >> thank you. >>> tim geithner is adding to the pressure to get the office calf cliff deal done. in an open letter wednesday, he warned the federal government may not be able to pay its bills once the country reaches its borrowing limit on december 31st, which is monday. that could broil financial markets and lead to a financial downgrade. he proposes a series of extraordinary measures to postpone the date that the u.s. would otherwise default on its legal obligations. geithner estimates his plan would free up about $200 billion, providing roughly two months of wiggle room. >>> well, last night on "the rachel maddow show," guest host ezra klein asked former clinton budget director alice rivlin on where we co
congress set up the deadline, hoping it would force a compromise. so far, that's backfired. also flying back on air force one is lieutenant governor brian schatz and will likely be sworn in later today. just before taking off, he tweeted that he's looking forward to supporting the president's agenda. reporting live in washington, i'm dan yeielle leigh. mara, back to you. >> thank you. >>> tim geithner is adding to the pressure to get the office calf cliff deal done. in an open...
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. >> there is no deal in congress over tax cuts and spending. good evening, i'm cheryl jenning autos so we're going over the fiscal cliff. kregs leaders say they're going to save us from disaster. everyone wants to know will we ring in the new year with more taxes? >> well, we will. and this for a while, anyway. the bush era tax cuts will expire at the strofk midnight. by tomorrow it's expect there'd will be a deal to vote on this, afternoon, the president called supporters to the white house to say an agreement to extend the cuts for middle class is very close. >> preventing that tax hike has been my top priority. last thing folks like folks up here on the stage can afford right is to pay an extrao;ye6) 2,000s ndz taxes next year. >> vice president and hsh mitch mcconnell have been leading on negotiations to extend the increasest qlait tax rate from 35% to 40% and extend unemployment benefits one year. >> we need to pro teblgt american families and job creators from this looming tax hike. everyone agrees that that action is necessary. and i c
. >> there is no deal in congress over tax cuts and spending. good evening, i'm cheryl jenning autos so we're going over the fiscal cliff. kregs leaders say they're going to save us from disaster. everyone wants to know will we ring in the new year with more taxes? >> well, we will. and this for a while, anyway. the bush era tax cuts will expire at the strofk midnight. by tomorrow it's expect there'd will be a deal to vote on this, afternoon, the president called supporters to the...
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Jan 3, 2013
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we elected these people to congress not to spend more money but to rein in the out of control spending and the house controls the purse strings and to continue down this path is not acceptable, and people are outraged over it. >> so you're saying some of these representatives, these senators will be primaried. are you going to push to get some of the people you tried to push in in 2010 out to get out of toomey, to get out of john yn. you loved paul ryan. do you want him out now? are you going to push for the primaries? >> honestly i think that every person has to look -- tea party express we haven't decided anything at this point but i live in the state of georgia and saxby chambliss will be primaried. our own senator who votes with the democrats more than they do with the conservatives and he has proven time and time again he's all about the spending and we're a red state, with he deserve a conservative senator, a conservative senator that would stand with marco rubio and rand paul who all voted no for this bill. >> let's talk about that. you brought up marco rubio and paul ryan, marc
we elected these people to congress not to spend more money but to rein in the out of control spending and the house controls the purse strings and to continue down this path is not acceptable, and people are outraged over it. >> so you're saying some of these representatives, these senators will be primaried. are you going to push to get some of the people you tried to push in in 2010 out to get out of toomey, to get out of john yn. you loved paul ryan. do you want him out now? are you...
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Jan 2, 2013
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decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individual can take advantage of loopholes and deductions that aren't available to most americans and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to move forward in deficit reduction but we have to do it in a balanced way, making sure that we are growing, even as we get a handl
decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending...
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Dec 31, 2012
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and keep in mind that some of the spending cuts that congress has said will automatically go into effect, have an impact on our defense department, but also impact things like head start. so there are programs scheduled to be cut that we're using an axe instead of a scalpel. may not always be the smartest cuts. so that is a piece of business that still has to be taken care of. i want it make clear that dealing with the automatic spending cuts threatened for next month, they also have to be balanced. remember my principle is, let's do things in a balanced responsible way and revenue has to be part of the equation in turning offer the sequester and eliminate automatic spending cuts as well as spending cuts. the same is true for any future deficit agreement. obviously, we're going to have to do more to reduce our debt and deficit. i'm willing to do more but it has to be balanced. we have to do it in a balanced responsible way. for example, i'm willing to reduce our medicare bills by finding ways to reduce the cost of healthcare in this country. that's something we should all agree on. wasn'
and keep in mind that some of the spending cuts that congress has said will automatically go into effect, have an impact on our defense department, but also impact things like head start. so there are programs scheduled to be cut that we're using an axe instead of a scalpel. may not always be the smartest cuts. so that is a piece of business that still has to be taken care of. i want it make clear that dealing with the automatic spending cuts threatened for next month, they also have to be...
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cut when is that becomes a key issue in the new congress. gregg. >> arthel: if negotiations fail or lawmakers don't like a final deal, president obama wants to move forward with a plan c. what's in that? >> it would focus on three key areas. keeping the tax cuts for those making $250,000 a year or less, extending unemployment benefits and delayed dramatic spending cuts until later next year. president obama says the u.s. cannot afford a politically self-inflicted wound to our economy. >> fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> the wild card is figuring out what it will take to get a final deal to pass in the house of representatives. they return tomorrow, probably around when we find out if the top two senators reached an agreement. >> gregg: mike emmanuel live in washington. thank
cut when is that becomes a key issue in the new congress. gregg. >> arthel: if negotiations fail or lawmakers don't like a final deal, president obama wants to move forward with a plan c. what's in that? >> it would focus on three key areas. keeping the tax cuts for those making $250,000 a year or less, extending unemployment benefits and delayed dramatic spending cuts until later next year. president obama says the u.s. cannot afford a politically self-inflicted wound to our...
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republicans are ready to use it to force major federal spending reforms and tame the national debt. right now, the u.s. owes $16 trillion, but some calculate our total liabilities much higher. and as congress jumps from small deal to small deal as they have been, analysts worry big problems are just getting bigger. >> $60 trillion is a conservative estimate of our unfunded liabilities of medicare social security, and medicaid put together. that's scary. and, the fact of the problem of $2 trillion solutions to $60 trillion problems, you see the occasion of the lack of problem and resolve of the political class here in washington. >> reporter: some also worry the down-to-the-wire theatrics of these fiscal debates in washington will overshadow other issues that need to be addressed, like education and immigration reform. issues that could be held hostage until the spending fights are over. sylvia hall, "n.b.r.," washington. >> tom: other changes could soon be in store for washington: treasury secretary timothy geithner will leave the administration before the end of the month according
republicans are ready to use it to force major federal spending reforms and tame the national debt. right now, the u.s. owes $16 trillion, but some calculate our total liabilities much higher. and as congress jumps from small deal to small deal as they have been, analysts worry big problems are just getting bigger. >> $60 trillion is a conservative estimate of our unfunded liabilities of medicare social security, and medicaid put together. that's scary. and, the fact of the problem of $2...
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Jan 2, 2013
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there will be more deficit reduction as congress decides to do -- what to do with the automatic spending cuts. i want to make this point. as i have demonstrated, i am very open to compromise. i agreed with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have got to find ways to reform that program without hurting seniors, who count on it to survive. i believe there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand- in-hand with further reforms to our tax code so that the wealthiest corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we cannot keep cutting things like basic research in new technology and still expect to succeed in a 21st century economy. we are going to have to continue to move forward in deficit reduction. we have to do it in a balanced way, making sure we are growing even as we get a handle on our sp
there will be more deficit reduction as congress decides to do -- what to do with the automatic spending cuts. i want to make this point. as i have demonstrated, i am very open to compromise. i agreed with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have got to find ways to reform that program without hurting seniors, who count on it to survive. i believe there is further unnecessary...
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Dec 29, 2012
12/12
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i think the president and congress are the ones spending the money. funds.s appropriate ss can criticize or praise them together for this package. we will see if the house does pick it up in the next few days. host: next up is mary lou on the line for independents. caller: i watched the special program they had with the rock stars about two weeks ago. i did give money for it. i have never heard how much they made. they must have made a lot of money. it was on from 8:00 until midnight or something. i have not heard a word about it since then. they should have made a few million dollars anyway. do you know what happened to that? that is my question. host: when you are watching a concert, who was your favorite art? caller: bruce springsteen. mick jagger is certainly a character. host: do efforts like that concert, does that increase the need -- does it show there is an increased need for this kind of money? does the government say you can have a concert and raise money to help these people? guest: many critics of the bill say the private sector should re
i think the president and congress are the ones spending the money. funds.s appropriate ss can criticize or praise them together for this package. we will see if the house does pick it up in the next few days. host: next up is mary lou on the line for independents. caller: i watched the special program they had with the rock stars about two weeks ago. i did give money for it. i have never heard how much they made. they must have made a lot of money. it was on from 8:00 until midnight or...
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this is a stark reminder we have out of control spending in the country and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost, not just raising taxes on americans. >> hard to believe we are still talking about. this here we are with virtually no time left on a deal. did you see it happen like this? is washington so broken they continue find a compromise. >> i must confess i have been a short-term pessimist and long-term optimist. i think the country will get back on track eventually but it will take a while. this is extraordinary. damage has already been done because of this craziness in washington. consumer sentiment is down. business plans for investment are down, business sentiment is down. we will pay a price regardless of whether or not we go off the cliff. how extraordinary is it? the senate hasn't acted, hasn't been called to act on a bill in between christmas and new years for 49 years. the first time in 49 years the sthat has had to come back like this. i think the prospects as the others point out, i think the prospect
this is a stark reminder we have out of control spending in the country and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost, not just raising taxes on americans. >> hard to believe we are still talking about. this here we are with virtually no time left on a deal. did you see it happen like this? is washington so broken they continue find a compromise. >> i must confess i have been a short-term pessimist and long-term...
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Dec 28, 2012
12/12
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. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk pris could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live in new york, wendy gillette. >> wendy gillette in new york. thank you. >>> the country has lost one of its great warriors. tributes are pouring in this morning for retired general norman schwarzkopf. the general died yesterday in tampa after a battle with pneumonia. schwarzkopf commanded "operation desert storm" that drove iraqi forces from kuwait. in retirement, he championed causes. norman schwarzkopf was 78. >>> now, to former president george h.w. bush's condition. his chief of staff says he will be in the hospital for a while. the 41st president is recovering from a terrible case of bronchitis with a series of complications. she says that mr. bush is get
. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk pris could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live in new york, wendy gillette. >> wendy gillette in new york. thank...
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Jan 2, 2013
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. >> reporter: while the bill delays spending cuts for two months for the new congress to handle these issues, the sequestration, and the debt ceiling, it is the main reason why democratic congressman jim moran opposed this bill. we will hear from him in the next half-hour. but again, it was a late night here on capitol hill. we should be getting used to that in the year 2013. back to you. >> surae chinn reporting live from capitol hill. >>> at 6:03, jessica doyle still watching your money report and the fiscal cliff. >> and the fight we should continue to expect with congress having several other hurdles to deal with. >> our money problems are far from over. in fact, they're just really beginning for this new year. it is a great quote very for you to sum up the year ahead. this comes from a december 27th blog on the tax policy center website. quote: it looks as if lawmakers will spend 2013 staggering from crisis to crisis not unlike a bunch of nasty drunks weaving their way from barroom to barroom. so what type of crisis are we talking about here? we'll run through the timeline. right
. >> reporter: while the bill delays spending cuts for two months for the new congress to handle these issues, the sequestration, and the debt ceiling, it is the main reason why democratic congressman jim moran opposed this bill. we will hear from him in the next half-hour. but again, it was a late night here on capitol hill. we should be getting used to that in the year 2013. back to you. >> surae chinn reporting live from capitol hill. >>> at 6:03, jessica doyle still...
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Jan 2, 2013
01/13
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and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeas are 89. the nays are 8. 60-vote threshold having been achieved, the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush-era tax fits for 99% of families, those with incomes under $450,000 a year. anything over that amount would be taxed at a rate of 39.6%, up from the current 35. the agreement would raise the estate tax on large estates to 40%. but the payroll tax cut of the last two years would expire. the bill also extends unemployment benefits for a year and it stops a cut in medicare payments for physicians. the senate vote was a rare show of unity welcomed by leaders of both parties. >> as i said, this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country. >> in passing this agreement does not mean negotiations halt. far from it. we can all agree there'
and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeas are 89. the nays are 8. 60-vote threshold having been achieved, the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush-era tax fits for 99% of families, those with incomes under $450,000 a year. anything over that amount would be taxed at a rate of 39.6%, up from the...
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Dec 30, 2012
12/12
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does with its tax and spend policies. it's not just the -- >> you sort of backed into this and said you're answering my question in the reverse, by saying it's not clear that increasing the taxes on that small portion of people would have much of an impact on the economy. let me take it to kevin haslett. do you agree? >> i think going from 35 to 39.6, it does depend on what else is going on that rate change alone isn't the biggest thing in the world there was a survey of a bunch of tax economists i cite a lot in congressional testimony and elsewhere that found if you had a big fundamental tax reform you ought to be able to get an extra percent a year out of growth. the tax increase would be the opposite of tax reform. it would have an opposite effect. it would be negative for sure. but it certainly wouldn't be as big as 1% a year, i would guess. it would be smaller than that. so if we have external shocks, if fracking takes off and the economy starts to boom, and if we go up to 39.6, we could still have a good year. i don
does with its tax and spend policies. it's not just the -- >> you sort of backed into this and said you're answering my question in the reverse, by saying it's not clear that increasing the taxes on that small portion of people would have much of an impact on the economy. let me take it to kevin haslett. do you agree? >> i think going from 35 to 39.6, it does depend on what else is going on that rate change alone isn't the biggest thing in the world there was a survey of a bunch of...
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Jan 2, 2013
01/13
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, you will rein in spending and reform government, not raise taxes. it is not for 500 years are two generations. only as long as you are in the house or the senate. he stayed too long that is his problem. you don't tell the bank the mortgage, wasn't that a long time ago? if you make a commitment, you keep it. >> coming up, was mitt romney done in by his own party? the republican presidential candidates may have inflicted mortal damage on him. >> this will go back to the empty chair, he was going to be talking to me tonight about why he said what he said about women. since it is just the chair, as well toss a few questions that appear my question would have been why we use such an offensive idiot to women and the second obvious question, which has to go to the chair, would be why haven't you resigned yet? anyway, let's leave it there, shall we? >>> i have listened to you. i have learned from you. and you have made me a better president. with your stories and your struggles, i returned to the white house more determined and more inspired than ever about
, you will rein in spending and reform government, not raise taxes. it is not for 500 years are two generations. only as long as you are in the house or the senate. he stayed too long that is his problem. you don't tell the bank the mortgage, wasn't that a long time ago? if you make a commitment, you keep it. >> coming up, was mitt romney done in by his own party? the republican presidential candidates may have inflicted mortal damage on him. >> this will go back to the empty chair,...
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Dec 27, 2012
12/12
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if a deal isn't reached between the president and congress. widespread tax increases and automatic government spending cuts will kick in next week. both sides are due back by thursday and have vowed to make a final attempt. stay with us. another check of the forecast. after the break. a puppy stolen from th hey, dad. i love boleros. share what moves you. go, go, go-- yes ! you've got to get one of these. share a great performance. what are you doing ? this tools app is awesome. share the perfect plan. that is awesome. i'm gonna be right back. share everything. this holiday, get verizon's share everything plan. unlimited talk, text, and shareable data across your family's devices. all in one plan. get a spectrum 2 by lg for $49.99 >> and a pop be stolen puppy--- oregon humane society is now home with his rightful owners. chris woodward tells us how social media may have played a role in his return. >> back in the arms, there's no idea what he has been true. >> i was excited. >> moments, they got to be able to see him for the first time since he
if a deal isn't reached between the president and congress. widespread tax increases and automatic government spending cuts will kick in next week. both sides are due back by thursday and have vowed to make a final attempt. stay with us. another check of the forecast. after the break. a puppy stolen from th hey, dad. i love boleros. share what moves you. go, go, go-- yes ! you've got to get one of these. share a great performance. what are you doing ? this tools app is awesome. share the...
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Jan 2, 2013
01/13
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decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individual can take advantage of loopholes and deductions that aren't available to most americans and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to move forward in deficit reduction but we have to do it in a balanced way, making sure that we are growing, even as we get a handl
decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending...